WTI Price Analysis: 100-hour SMA is capping upside

Omkar Godbole FXStreet Contributor

West Texas Intermediate (WTI) crude is currently trading near $65 per barrel.

Oil broke higher from the hourly chart bearish channel during Wednesday's US trading hours. So far, however, the breakout has failed to invite stronger buying pressure, leaving the 100-hour Simple Moving Average (SMA) hurdle intact.

The SMA is currently lined up at $65.06. The average proved a tough nut to crack on Wednesday.

A convincing move above the SMA would revive the immediate bullish view, opening the doors for a retest of the March 8 high of $67.98.

Meanwhile, acceptance under the 200-hour SMA located at $63.15 would shift risk in favor of a deeper correction.

Hourly chart

Trend: Bullish above 100-hour SMA

Technical levels

WTI

Overview
Today last price	65.04
Today Daily Change	0.26
Today Daily Change %	0.40
Today daily open	64.78

Trends
Daily SMA20	61.69
Daily SMA50	56.47
Daily SMA100	50.04
Daily SMA200	45.23

Levels
Previous Daily High	64.91
Previous Daily Low	63.11
Previous Weekly High	66.27
Previous Weekly Low	59.17
Previous Monthly High	63.72
Previous Monthly Low	51.6
Daily Fibonacci 38.2%	64.22
Daily Fibonacci 61.8%	63.8
Daily Pivot Point S1	63.63
Daily Pivot Point S2	62.47
Daily Pivot Point S3	61.82
Daily Pivot Point R1	65.43
Daily Pivot Point R2	66.07
Daily Pivot Point R3	67.23

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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